Major US Indices Forecast, July 18, 2017, Technical Analysis
S&P 500
The S&P 500 had a very quiet session on Monday as traders are awaiting significant earnings reports coming out of the United States. However, we have broken above significant resistance, so I think it’s only a matter of time before we continue to the upside. The market will then target the 2500 level which I believe is massively resistive, but has been a longer-term target of mine for some time. I believe that the 2450 level underneath will continue to be a bit of a “floor” after previously being so resistive. I think that the market will eventually break above the 2500 level, but in the meantime, we need to build up the momentum to reach those levels… Read More
Dow Jones 30
The Dow Jones 30 trying to fall apart during the session on Monday, but continues to find buyers underneath. As it is earnings season, it’s likely that we will see a bit of volatility but most certainly the buyers have been in control for some time. I believe there is a hard “floor” in the market somewhere close to the 21,500 level, so I think pullbacks will be looked at as value. I still believe that we are going to go looking for the 22,000 level above. Because of this, I will continue to buy dips in this market, as they represent quite a bit of value… Read More
NASDAQ 100
The NASDAQ 100 and very little during the session as well, but seems to be running out of steam. I think a pullback is probably coming, perhaps reaching down to the 5800 level. That’s an area that should be supportive as it was previous resistance, and I believe that the markets will be looking to pick up value and what has been one of the leaders in the United States. Ultimately, I believe that the NASDAQ 100 will find plenty of support, so any shorting opportunities that I see, I’m ignoring and waiting for the value to come back into play so I can pick up the NASDAQ 100 “on the cheap”… Read More
This article was originally posted on FX Empire